Ricardo Rotmann, 51, a Polish national, was arrested at his home in Mount Street, Mayfair, on Wednesday morning.
Mr Rotmann is wanted in the US in connection with charges of importing cocaine between 2004 and the present.
He appeared at City of Westminster Magistrates' Court on Wednesday morning and has been remanded in custody.
Mr Rotmann, who a Scotland Yard spokesman said is also known as Ricardo Fanchini, was due to appear at the court again on 11 October for an extradition hearing.
He said the arrest by the Metropolitan Police's Extradition and International Assistance Unit was made at the request of the US Embassy.
Det Insp Paul Fuller said: "We are arresting and extraditing foreign criminals on a daily basis."
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